KRM

Week Of August 15, 2011 - Mission/Vision Statement 1. I learned that there are 5 tasks of strategic management. The tasks include developing a vision, setting objectives, executing the strategy, and evaluating. I also learned that the mission was your purpose, and the vision was how you were going to achieve it. 2. The most interesting was that the length of the statement did not matter. 3. I am curious about why each company needs to make their mission statment public instead of jus in the orginization.

**1.Week of August 29th /Week 2: Strategic Planning** 2. I learned that the S.W.O.T analysis chart stood for strengths, weaknesses, opportunities and threats. I learned that most companies do not have their mission statement available on their website. 3. I thought it was interesting that almost every company has done a SWOT analysis chart. I also thought it was interesting that some large companies arent international and only exist in a few countries. 4. One question that i have is do most companies rely on the opportunities section on their SWOT charts?

1.**Week 4: Shareholder Value / Finances** 2.What did I learn in class this week? I learned that microsoft does not only make software, but they also make the xbox 360. I also learned that a company like microsoft needs to have a really high working capital. They need a high working capital because they need loans to make new products. 3.What did I find interesting? It was interesting that google has a document similar to microsoft. Which makes them competitors. I also thought it was interesting that current assets can change to into cash quickly. 4.What question do I still have about what I learned? One question I have is, Does the hershey company only make edible products? Will they ever invent something unrelated to chocolate, but still try to tie it back to chocolate?

Week 6-Consumer Trends This week I have learned several things about consumer trends. I have learned that our generation is called wireless because the use of technology is very crucial. For example, we need cell phones in order to communicate with others in a timely manner. Secondly, I learned that in order for Hershey to stay at the top of the list they need to keep up with the trends. For instance, Hershey has invented new products such as Hershey Drops. They created Hershey Drops for gamers that do not have time to unwrap the candy bar. In addition to learning new things about trends, I also found many interesting facts. I thought it was interesting that technology is constantly changing. An example is in the near future it is predicted to use your phone to pay for your purchases. Another interesting idea is that going to an actual grocery store will be less common. In other words, customers have been saving time by going online and purchasing their groceries. In conclusion, consumer trends are constantly changing and the market place needs to adjust to the customer's wants and needs.

**Week of October 3, 2011 Week 7 - Market Research** **This past week I learned about market research. There are two types of research which are primary and secondary. Primary research is research that is specific to the company. Secondary research is information based on studies. In addition, I learned about the pros and cons of each. For example a pro for primary research is that it is confidential and a con is that it is expensive. I also learned about ethnography which is observing and studying humans while purchasing the product. Ethnography helps businesses gain knowledge on their customers. I found it interesting that Hershey Kisses are targeted towards women between 25-49 with children because I eat them all the time. Another interesting fact is that the Kisses symbolize love and affection. I just thought it was a chocolate without meaning and great taste. In closing, market research can help you gain knowledge about your customer.**

**Week of October 10, 2011 (Week 8- Market Analysis)** **This week I learned about market analysis. I learned that a complimentary brand is when two brands go together. For example, a hersheys chocolate bar with marshmallows. Another thing i learned was that an icon image is a product that is known every where. For example, cookies and cream is know even in Mexico.** **The most interesting thing that i learned this week was that the American Gummy Bear is the newest candy. I also thought it was interesting that during a certain time period they were only producing candy bars such as baby ruths and mounds bars.**


 * Week of October 17, 2011 (Week 9- Product Development) **
 * During this past week I learned about product development. I learned that the market needs to continue to make new products because consumer wants are constantly changing. For example, Hershey continues to create new products such as the Regen drink. Another thing i learned was that products can create a new market, stay in the existing market with enhanced products, or enter existing targeting a new market. For example, Apple has created a new market with the iPods. However, some people can interpret is as staying in existing but enhancing the music device instead of an MP3 player. The most interesting thing about this week was the tetra container. It is interesting how it is made and that it is biodegradable. Another interesting thing is that Hershey does not put its name on the Regen drink becuase consumers associate hershey with chocolate. **

**Week of October 24, 201 (Week 10- Trial Production)** **Last week i learned about trial production. One thing i learned was that Deming's** ** degrees were based on mathematics and mathematical physics. Another thing i learned was that the research and design people(people who make tastes) can also make perfume smells because it involves similar processes. While we were at the trial production center i learned that they create products that are not for sale, but look exactly like it would in a store. This is for the people who try it can think it is the "real product". ** **The most interesting thing about this week was that the taste testers only work 4 hours a day, but they play an extremely important role. Another thing that was interesting was the price of the machine it was enough to buy a brand new house.**

**Week of October 31, 2011 (Week 11- Branding)** This week i learned about branding. I learned that the word branding comes from past history when they used to use it on horses. Now businesses use it to create a connection with the consumers. For example, the Kool-aid logo by looking at the first letter you automatically know it is Kool-aid. One thing that was interesting was that as a class we were able to figure out all of the different companies by looking at the first letter. For example, the Q for Q-tip was white with a blue background. This shows that they have good branding. Another thing that was interesting was that Liz Claiborne bought Kate Spade. Kate Spade is on of their most popular brands. In conclusion, branding is a very important concept for a business so that they can have a relationship with their customer/consumer.

**Week of November 28, 2011 (Week 14- Special Events)** **This week I learned about special event marketing. I learned that companies like to take a different way to market their product. For example, to celebrate 100 years for Hershey, they created the Hershey Kiss Mobile. I also learned that it takes all of the team members to make a descision and come up with a creative idea. One person can initiate the conversation, but it is up to the entire group to act on it.** **One thing that was interesting was the different commercials for the basketball game. It was interesting because you couldnt see the basketball, but you could hear it, which was creative. I also thought it was interesting that** **Hershey partners with new movies in the summer time because that is the only time their schedule is not busy. For example, they are doing a partnership with Spiderman in July. In conclusion, many companies use special events to promote and advertise their products.**

**Week of December 5, 2011 (Week 15- Product Safety)** This past week I learned about product safety. One thing I learned about was product recalls. A product recall is when the company requests to take all of the production of the product out of the stores due to safety issues or hazards.I also learned that there are hundreds of recalls all the time. The most interesting thing i learned this week was that Hershey's biggest recall was just this past summer with the York Pieces. This was interesting because Hershey did this as a precaution because one of the machines were broken. Another interesting fact was that they recalled all the tomatoes but it was actually the peppers. Due to the recall the tomatoe industry lost millions of dollars.

**Week of December 11, 2011(Week 16-Product Component)** **My experience yesterday was great. I was able to learn a lot from the "nut guy". It was interesting that he was from Lancaster because that is where I live. It was interesting that he traveled to the individual plants. He was able to ask the Bee guys if there was a problem with the bees because it was all over the news, and he found out there wasnt. I enjoyed being in small groups, so we could ask them questions. It was interesting to hear his story.**

Week Of Jan 2011 (Week 17- Packaging) Last week I learned about packaging. I learned that there is primary and secondary packaging. For example, primary packaging is the wrapper the Hershey kiss comes in and secondary packaging is the bag they are distributed in. I also learned that packaging influences if the customer buys the product. One thing that was interesting was that the cunsumer connects to the packaging of the product before they actually get to the product. For example, the perfume was packaged with a nice little box and a bow. The consumers liked the packaging, so they shared their experience with others. Another interesting this was that the packaging department does not get to choose the actual color of the package, but they can decide on which shade of blue they think would look best.

Week of Jan 9 2011 (Week 18- Product Planning)

This past week I learned about product planning. I learned that product planning includes the desicions about pricing, distribution, and promotion. I also learned that if you have to make all the products one week ahead of when it is actually due. Additionally, I learned that the process requires a comparison of sales requirements and production capabilities. The most interesting thing was that products that have ingredients that people are usually allergic to are made in a different room. For example, reeses peanut butter cups contain peanut butter, so they are prepared away from products without peanut butter. It was also interesting that a production plan is known as sales and operation planning.


 * Week of January 16, 2012 (Week 19 - Production) **
 * During this past week I learned a lot at the Reese Plant and in class. I learned that the reese cup was invented in 1928 and the inventor was H.B Reese. I also learned that on a cacao tree there are only 30 to 40 pods. The most interesting thing I learned was that each person consumes an average of 14 pounds of chocolate. WOW!! That is a lot of chocolate. I also thought it was interesting that H.B. Reese worked for Milton Hershey and were business partners. Another interesting fact was that Kit Kats are produced at the Reese Plant. This was interesting beause I thought it was strictly reeses products that were made there. To close, this was a very interesting trip to the Reese Plant and I enjoyed it. **

Week of January 23, 2012 (Week 20- Warehousing) Throughout this week I learned many new things about warehousing. I learned that the warehousing is the primary place where all products are worked. For example, the products are rendered, stored, packaged, and shipped. I also learned there are many ways for a company to stay efficient. For instance, Fifo and Lifo is one way to organize a company’s inventory. Fifo means first in first out, the company chooses old inventory first. Lifo means last in first out, the company picks from the newest inventory. I had fun going to Hershey and hearing their personal experiences and advice to us. Also, I enjoyed receiving candy at the end. The boring part about yesterday was that the PowerPoint had too many words and no color. It did not really keep my interest. The speaker read almost exactly what was on the slide. I would improve my experience by taking notes, so I can ask questions. I would also have more pictures on the slide.

Week 21 Assessment

During this past week I learned about the Order Management Process, which is a computer software used by companies to make order entries. The first step in the Order Management Process (OMS) is taking orders. Orders are taken in a variety of ways. For example orders can be taken by email, web, fax, EDI, or VMI. To email an order the customer must have an email account and a computer to use to email the order. Another method is vendor management inventory (VMI), which is where the company and customer have direct contact. The customer sends information about the daily demand; the supplier then sends the products they need according to their demand. Furthermore, web or telephone orders are not frequently used because of the newer technology. The customer calls the company and simply tells them what they need and the company records their information. The web method is going on to the company’s website and filling out a form of what the supplier needs. However, the most common method used by customers is electronic data interchange also know as EDI. EDI is a process in which human interaction is not required; it is all electronic from one computer to another. The company sends their information on an electronic document to the other one. The second step is how the orders are taken. During this step, the system sources the order, prices, checks credit limits, and allocates the product based on ATP. It is very efficient because the computer is doing all of the work. For example, if Wal-Mart sends a document to Hershey it will go through a system to be checked for errors. The third step is management by exception. This means that the order goes through the system without being touched unless there is a mistake. At this stage of the process if an item is flagged, it means it has errors that need to be fixed. The errors include price, status issues, or special requirements. If this is the case, then the order is stopped and customer service must get involved. For instance, if the supplier changes the amount they want of a particular product, customer service must step in and correct the error. To continue, the fourth step is a process known as ATP. It is considered as another exception. ATP is also known as available to promise. The process is based on FIFA, first in first allocated. It is similar to FIFO, first in first out. The process considers the complexity of the product and also the production capacity. This can vary with each product and by season. Also, to resolve inventory issues, Supply Planning and Customer Service must work together. Lastly, the product is able to be shipped when the system send the delivery note to transportation saying everything is clear. The transportation process begins 48 hours in advance to ensure that the product makes it on time.

Week 22 This past week I learned about warehousing, product distribution, and order management. They are all interrelated and have a common theme of “launch”, which is getting the product from point A to point B. They also have other related themes such as being prepared and making sure their inventory is perfect or close to it. The warehouse must be prepared to receive any new products. For example, if Hershey sends in 5 pallets of chocolate, the warehouse needs to be prepared to choose where it will go. They also must decide which product will be distributed to which place. For example, using the method first in first out (FIFO), or using the fixed location. The warehouse must also make sure their inventory is up to date. For instance, if a new product comes in, then the warehouse must make note and change their inventory on hand. To continue, the people who are distributing the product have to be prepared to leave the DC on time, so they can drop off their product to the customers. Order management also has to be prepared to receive orders by fax, telephone, EDI, or VMI. The second theme is making sure the inventory is perfect. The warehouse will count the entire inventory and keep it up to date. For example, when they receive new products they add it to their inventory. They also keep track when products are leaving the warehouse. The distribution people must also be aware of the inventory because they have to know if they have enough of the product the customer is wants. Lastly, order management is alert of the inventory because as an order is going through the system it makes sure they have each product in the inventory, but if they do not the error is fixed by changing the inventory amount. This only occurs when the error is because of the inventory. To conclude, order management, warehousing and product distribution are all interrelated.

Week 23 I think that PR is a fascinating job to have. I also thought it was interesting that they can travel all over the world. PR differs from advertising because it is much cheaper. The media pays for the news to be released if they think it is news worthy; however, if the company decides to advertise, they pay for the cost of the advertisement. To continue, PR also tells a story, but sometimes the story is cut short, and they do not have control on what is released on a press release. On the other hand, if the company chooses to advertise, they have full control on what is said and used in the advertisement. Lastly, a third party can represent your product and the company can look better to the public. PR interests me the most because the PR members can attend events and travel around the world. Also, there are many different ways PR can promote their product or new; it is all very fascinating.

Week 24 Advertising My favorite thing about advertising are the commercials. I enjoyed seeing the different ways a commercial can be made by either animations or computer generated graphics. I think the hard work that goes into making a commercial is not worth only thirty seconds on TV. I would not consider a career in advertising because I am not creative, and it takes a lot of creativity to produce a great commercial. I also would not like a career in advertising because the process seems extremely complex. I think I would rather be the one in the commercial in order to get paid 883 dollars a day just to be there. Week 25 Product Placement

In class this week I watched many videos on how consumers react to cluttered aisles, opinions on the way consumers feel, and the science behind buying products. I learned that the best shelf to place a product on is at eye level because it is visible to all of the customers. I also learned that arranging products so the brand is visible is key to increase sales. The most interesting thing I learned this week was that confection purchases are made in less than a minute. I find this interesting because I do not think it is enough time to make the best desicion, and I spend more than 60 seconds looking for candy because there are so many options. In addition, I found the way the other people placed the candy items in different categories was interesting because the way my group did it was slightly different. The categories that they chose would not have been my first instinct.